Non-Exempted Property in Bankruptcy

If, at the conclusion of the creditors meeting, the assigned bankruptcy trustee concludes you have nonexempt property, you might be required to either surrender those assets or provide the assigned trustee with its equal value in payments. If the property isn't worth very much or would be cumbersome for the trustee to sell, the trustee may "abandon" the property -- which means that you don't have to surrender it, even though it is not exempted. Your bankruptcy lawyer will let you know if this is the case.

The majority of property owned by debtors is either exempt or is essentially worthless for purposes of raising money for the creditors. As a result, few debtors end up having to give up any property, unless it is collateral for a secured loan.

For information on our bankruptcy services or to speak with one of our Grand Rapids bankruptcy attorney, feel free to give us a call at (616) 920-0555.